Market WATCh Weekly 6 January 2023

Market WATCh Weekly 6 January 2023

January 6, 2023

In Australia, the RBA Board meeting minutes from December showed that the Board considered a 50bps increase, 25bps increase or no change in the cash rate at the meeting before settling on 25bps. Private sector credit growth was steady in November. The CoreLogic home value index fell again in December, with the annual decline the biggest since 2008.
Abroad, the Bank of Japan increased the cap on the 10-year Japanese government bond yield to 0.50% from 0.25%. The Chinese PMIs suggested business activity continued to contract in December. The US ISM manufacturing PMI pointed to an ongoing deterioration in manufacturing activity, however, the ADP employment report saw better-than-expected private payrolls growth in December.

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